A strategic repositioning at Huntington Bancshares is proving to be a dud with bank stock analysts.

The Columbus, Ohio banking company, which outlined the plan when it reported first-quarter earnings last month, is now the lowest-rated stock tracked by American Banker. As the week began, analysts surveyed by Thomson/First Call had an average rating of 3.1, on a scale of 1 to 5, on Huntington stock - a rating slightly lower than "hold" and 0.2 points worse than before the earnings announcement. Shares were unchanged Tuesday at $18.25, off from a close of $22 on April 13, when Huntington reported earnings, and from a 52-week high of nearly $34.

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